Acquisitions

ReNUE Properties Acquires 200-Unit Legacy Bungalows Multifamily Property in Phoenix for $26.1M

by Amy Works September 17, 2019

PHOENIX — ReNUE Properties has purchased Legacy Bungalows, a multifamily asset located in Phoenix. Legacy Partners sold the community for $26.1 million, or $130,500 per unit. Completed in 2002, Legacy Bungalows features 200 apartments in a mix of one-, two- and three-bedroom layouts with at least nine-foot ceilings and an average unit size of 852 square feet. The property is situated on 6.4 acres and less than two miles from Chase Field and Talking Stick Resort Arena. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

September 17, 2019

Acquisitions California Retail Western

Foothill Ranch Sells 121,883 SF Retail Space in Southern California for $22.2M

by Amy Works September 17, 2019

LAKE FOREST, CALIF. — Foothill Ranch LLC has completed the disposition of a portion of Foothill Ranch Towne Center, a 1 million-square-foot, master-planned regional retail center in Lake Forest. A private family trust acquired a 121,883-square-foot portion of the retail center, located at 36532 Towne Center Drive, for $22.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark Knight Frank represented the seller in the transaction. At the time of sale, five tenants fully occupied the sold portion: At Home, PetSmart, Chipotle Mexican Grill, Red Robin Gourmet Burgers and Brews and a nail salon. Walmart and Target anchor the overall retail center.

September 17, 2019

Acquisitions Retail Washington Western

Matthews Real Estate Negotiates $8.3M Sale of Albertsons-Occupied Asset in Millwood, Washington

by Amy Works September 17, 2019

MILLWOOD, WASH. — Matthews Real Estate Investment Services has negotiated the sale of a retail property located at 8851 E. Trent Ave. in Millwood, a suburb of Spokane. An undisclosed buyer acquired the asset for $8.3 million in an off-market transaction. Situated on 3.7 acres within a major shopping center, the property features 46,798 square feet of retail space and was built in 1991. Albertsons currently occupies the property on a 20-year lease. Additional tenants at the shopping center include Dairy Queen, Banner Bank, Redbox, Taco Time, Papa Murphy’s Take ‘N’ Bake, Scollard’s Dry Cleaning and Starbucks Coffee. Aron Cline of Matthews Real Estate Investment Services handled the transaction. Barrington Capital Corp. provided acquisition financing for the deal. The name of the seller was not released.

September 17, 2019

Acquisitions California Industrial Western

Colliers Arranges Sale of 46,830 SF Industrial Building in San Diego for $6M

by Amy Works September 17, 2019

SAN DIEGO — Colliers International San Diego Region has brokered the sale of an industrial building, located at 7550 Panasonic Way in San Diego’s Otay Mesa neighborhood. Guy C Clum Trust sold the property to RMJF LLC for $6 million. Concurrent with the acquisition, the new owner was able to secure a long-term lease for the property. Mark Lewkowitz and Chris Holder of Colliers International represented the seller, while Craig Fitterer of Lee & Associates represented the buyer in the deal. Constructed in 2005, the 46,830-square-foot building features drive-around truck access, dock- and grade-level loading and a large, secured yard.

September 17, 2019

Acquisitions Idaho Industrial Self-Storage Western

Marcus & Millichap Brokers Sale of 166-Unit Self-Storage Facility Near Boise

by Amy Works September 17, 2019

KUNA, IDAHO — Marcus & Millichap’s LeClaire Group has arranged the sale of Kuna Self Storage, a self-storage facility in Kuna, a suburb of Boise. Messmer Properties sold the asset to an undisclosed buyer. The acquisition price was not released. Kuna Self Storage features 166 non-climate-controlled units, 15 rentable outdoor parking spaces, a fully fenced storage area and an on-site manager’s office. Jordan Farrer of Marcus & Millichap’s Salt Lake City office and Adam Schlosser of the firm’s Denver office, in cooperation with Paul Ryan of Marcus & Millichap’s Boise office, represented the seller in the deal.

September 17, 2019

Acquisitions Connecticut Northeast Retail

Cushman & Wakefield Brokers Sale of 179,000 SF Office Property in Stamford, Connecticut

by Alex Patton September 17, 2019

STAMFORD, CONN. — Cushman & Wakefield has brokered the sale of Soundview Plaza, a 179,000-square-foot office property in Stamford, a northeastern suburb of New York City. At the time of sale, the property was 88 percent leased to 15 tenants. Amenities include a cafeteria, fitness center and conference center. A Cushman & Wakefield team including Gary Gabriel, David Bernhaut, Andy Merin, Brian Whitmer, Frank DiTommaso II, Al Mirin, Matt Torrance and Kate Schwartz represented the undisclosed seller and procured the buyer, an affiliate of TL Holdings.

September 17, 2019

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $29.5M Sale of Multifamily Complex in Metro Tampa

by Alex Tostado September 16, 2019

LARGO, FLA. — CBRE has negotiated the $29.5 million sale of Enclave on East, a 196-unit multifamily complex in Largo. The property was 95 percent occupied at the time of sale. Enclave on East is located at 3660 E. Bay Drive, 20 miles west of downtown Tampa. Communal amenities include a swimming pool, playground, picnic tables, hammocks, clubhouse, business center and a car wash area. Shelton Granade, Luke Wickham, Justin Basquill, Michael Regan and Francesco Carriera of CBRE represented the seller, Insula Cos. The buyer was Providence Acquisitions LLC.

September 16, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Community in Southwest Atlanta for $23.2M

by Alex Tostado September 16, 2019

ATLANTA — FCP has acquired Ashford at Spring Lake, a 180-unit multifamily community in southwest Atlanta, for $23.2 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, playground, fitness center and a swimming pool. The complex is located at 6200 Bakers Ferry Road, 13 miles west of downtown Atlanta. Pinnacle Management, which manages 17 communities for FCP throughout the Southeast, will manage Ashford at Spring Lake. Matt White, Andrew Mays and Paul Vetter of Berkadia represented the undisclosed seller in the transaction.

September 16, 2019

Acquisitions Alabama Retail Southeast

Marcus & Millichap Arranges $15.7M Sale of Walmart-Anchored Shopping Center Near Birmingham

by Alex Tostado September 16, 2019

SYLACAUGA, ALA. — Marcus & Millichap has arranged the $15.7 million sale of Payton Park, a 231,820-square-foot retail center in Sylacauga. Walmart Supercenter anchors the property, which also includes tenants such as Burkes Outlet, CATO, Shoe Show and Sally Beauty. The center is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Zach Taylor, Andrew Margulies and Don McMinn of Marcus & Millichap represented the seller, an affiliate of Brixmor Property Group, in the transaction. The buyer was Chattanooga, Tenn.-based Rise Partners.

September 16, 2019

Acquisitions North Carolina Retail Southeast

RCG Ventures Sells Retail Center in Central North Carolina for $15.2M

by Alex Tostado September 16, 2019

GOLDSBORO, N.C. — RCG Ventures LLC has sold Ashley Plaza, a 160,356-square-foot retail center in Goldsboro, for $15.2 million. Hobby Lobby anchors the property, which was 98 percent leased at the time of sale to tenants including Planet Fitness, Ashley Furniture HomeStore, Harbor Freight Tools, Shoe Show, Chuck E. Cheese and Smart Repair Center. Ashley Plaza is located at 201 N. Berkeley Blvd., adjacent to Seymour Johnson Air Force Base and about 60 miles east of downtown Raleigh. Thomas Kolarczyk and Jim Hamilton of JLL represented the seller in the transaction. The buyer was Medalist Diversified REIT Inc., an investment and management firm based in Richmond that specializes in value-add real estate.

September 16, 2019

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